[bethswannns]

At first, I thought after you declared bankruptcy they are just going to let you go financially free. But no....

Chapter 13 is basically a payment plan. Chapter 7 is you have to forfeit property/assets but the record will stay in your credit report for 10 years.

Basically, you will have trouble renting an apartment and borrowing/financing/mortgaging $$$ for 10 years.

This is the problem with capitalism.. They want you to have a borrowing mindset and to work as a slave for life to pay it back.

The only good thing I like about capitalism is the stock market---that is where the $$$ is at.

 

[bethswannns]

Chapter 7 is when faking your death and starting over on a fake ID seems like a good idea Vs actually fixing your finances.


Chapter 13 is for negotiating a payment plan on your debts.

Both should only be done if it's going to take substantially over 10 years to fix your finances.

Both options sucks. And you also get hit with a huge credit score drop.

Bankruptcy will make you sacrifice a few things such as wage garnish.. if you are rich you have to sell your mansion to pay off debt.... It is not a free walkaway.